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I order US companies to immediately look for an alternative to China: Trump

File photo. Photograph:( AFP )

WION Web Team Washington Aug 23, 2019, 09.08 PM (IST)

Just hours after China hit US imports with $75 billion worth of tariffs, President Trump lashed out ordering "US companies to start looking for an alternative to China.

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"Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies home and making your products in the USA," the US president said.

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"I will be responding to China’s tariffs this afternoon. This is a great opportunity for the United States," Trump added.

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On Friday, China said it would impose punitive tariffs which will range from 5 per cent to 10 per cent on 5,078 items from the US.

Beijing also announced it will impose a 25 per cent tariff on US autos and a 5 per cent tariff on auto parts starting December 15.

While hitting out at China, Trump said: "I am ordering all carriers, including Fed Ex, Amazon, UPS and the Post Office, to search for and refuse all deliveries of Fentanyl from China (or anywhere else!). Fentanyl kills 100,000 Americans a year."

"President Xi said this would stop - it didn’t. Our economy, because of our gains in the last 2 1/2 years, is much larger than that of China. We will keep it that way!"

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"Our country has lost, stupidly, trillions of dollars with China over many years. They have stolen our intellectual property at a rate of hundreds of billions of dollars a year and they want to continue. I won't let that happen! We don’t need China," the US president said in a heated Twitter blast.

The renewed trade tensions let the US stocks to open lower on Friday. About 15 minutes into trading, the Dow Jones Industrial Average was at 26,149.07, down 0.4 per cent. The broad-based S&P 500 also slid 0.5 per cent to 2,909.84, while the tech-rich Nasdaq Composite Index fell 0.6 per cent to 7,944.74.


 

Story highlights

The renewed trade tensions let the US stocks to open lower on Friday. About 15 minutes into trading, the Dow Jones Industrial Average was at 26,149.07, down 0.4 per cent.